Despite efforts by many firms to support women, female representation in the mortgage and finance broking industry remains sorely lacking, with recent MFAA data showing that women brokers now account for a record-low of 25.4% of the industry.
But is it really beneficial to have more women in the finance business? Four female broking leaders expressed their thoughts on the issue.
“Numerous studies have shown that businesses with more women in key decision-making positions deliver better company performance, greater productivity, and an enhanced focus on employee wellbeing and diversity initiatives,” said Sally Chadwick, executive manager corporate communications at Mortgage Choice.
Read more: The odd case of female broker scarcity
In a challenging economy, companies will be better off by getting their approaches right around gender matters.
“Building a gender-diverse organisation isn’t just a matter of harnessing the particular skills that women may have. It’s about having a diverse array of voices at the table,” said Charlene Batson, chief operating officer at OnDeck.
A World Economic Forum Global Gender Gap Report revealed female talent as one of the most underutilised business resources. And with labour shortage a persisting issue across most industries, it was only practical for companies to support people to remain in the business.
“It’s simply good business practice for a company to embrace every available resource to strengthen its operations,” Batson said.
Some tangible benefits of having female mortgage brokers came from the significant role women play in making financial decisions around residential and business lending.
“Women often control the financial reins in both households and small businesses – many of the small businesses that OnDeck serves are captained by women,” Batson said.
There are women who prefer to deal with other women when it comes to financial matters.
“We have many examples of franchises in our network that have built successful business models focused on meeting the needs of female clients,” Chadwick said.
Having a diverse workforce has also been proven to lead to stronger cultures of innovation and better decision-making.
“A diverse workforce allows for more ideas and innovation by bringing in a broader range of skills, experience, and perspectives,” said Alexandra Taylor, NAB chief people officer for business, private and personal banking.
Women can play a key role in helping the finance sector become representative of the people it serves by making all types of customers feel more welcome.
“Consumers are increasingly expecting the businesses they purchase goods and services from to be diverse and representative of the community,” said Anja Pannek, MFAA chief.
In a white paper to the government, MFAA proposed to beef up investment in female-led small broking businesses to enable them to expand and scale into the future. It also acknowledged the powerful potential of a large pool of untapped talent that was women aged over 45.
“Many women in this age group looking to re-enter the workforce encounter barriers such as age discrimination,” Pannek said. “Our industry has the opportunity to be leaders in hiring and training women from this group while providing a flexible and inclusive work environment.”
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